American Opinion of Banking Industry Rises

Banking, finance, and taxes

Published: September 5, 2014 6:40 am

Banks were among the villains of the Great Recession, and rightly so. The actions of many large financial institutions helped trigger the economic implosion. Banks continue to get ongoing criticism for their customer services and high fees. However, based on some research, the image of the industry has rebounded.

According to a new Gallup poll:

Americans’ views of the banking industry are positive for the first time since 2007, at a net positive rating of 8. The public also has an improved view of the real estate industry (12), marking the first time Americans’ image of this industry has been positive since 2006. Net positive views of banking increased 18 points from 2013, while opinions of real estate rose 11 points.

A reading above zero marks a positive impression.

The rebound in the view of real estate is just as surprising, given the horrible drop in housing prices and the increase in underwater mortgages and foreclosures.

Gallup does not have a complete argument for why the views about real estate and banking have improved:

Although the images of banking and real estate remain below the average of 24 industries Gallup has tracked, their sharp recovery from their previous extreme low points suggests they are heading in the right direction.

That only puts banking and real estate in a position that is not quite as bad as they used to be. So, perhaps each recovered because they fell so low that there was no place to go but higher.

If the line between positive views of banks and real estate establishments changed because the recession of 2008 and 2009 turned into the recovery of 2012 and 2013, then the industries should hold their own and the trend about their images ought to get better.

Methodology: Results for this Gallup poll are based on telephone interviews conducted Aug. 7 to 10, 2014, with a random sample of 1,032 adults, aged 18 and older, living in all 50 U.S. states and the District of Columbia.

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